Electric vehicle industry in China

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BYD e6 battery electric taxi in Shenzhen, China BYD Electric Taxi.jpg
BYD e6 battery electric taxi in Shenzhen, China
Foton BJ6129EVCA-N1 battery electric bus in Beijing, China 2641492 at Yuezhuang (20220923141128).jpg
Foton BJ6129EVCA-N1 battery electric bus in Beijing, China
E-bikes with an estimated fleet of 120 million in early 2010. Yangzhou-WenchangLu-electric-bicycles-3278.jpg
E-bikes with an estimated fleet of 120 million in early 2010.

The electric vehicle industry in China is the largest in the world, accounting for around 58% of global production of electric vehicles (EVs) [1] and more than 1.5 million exports in 2023. [2] In 2023, CAAM reported China had sold 9.05 million passenger electric vehicles, consisting 6.26 million BEVs (battery-only EVs) and 2.79 million PHEV (plug-in hybrid electric vehicles). [3] China also dominates the plug-in electric bus and light commercial vehicle market, reaching over 500,000 buses (98% of global stock) and 247,500 electric commercial vehicles (65% of global stock) in 2019,[ citation needed ] and recording new sales of 447,000 commercial EVs in 2023. [3]

Contents

Plug-in electric vehicle (BEV and PHEV) sales were 37% of the overall automotive sales in China in 2023, with BEVs and PHEVs having 25% and 12% market share respectively. This is a significant increase from 2020, when plug-in electric vehicles accounted for only 6.3% of total sales. [4] The plug-in market in China was dominated by Chinese companies, with BYD Auto and SAIC Motor occupying the top two spots, and 5 out of the top 7 spots. [5]

The battery industry is closely related to the EV industry as batteries constitute around 1/3 of the cost of EVs [6] and around 80% of lithium-ion batteries in the world are used in EVs. [7] The industry also has significant Chinese presence, with major players including world's largest CATL, BYD, CALB, Gotion, SVOLT and EVE Energy. [8]

History

Electric vehicle manufacturers

Plug-in electric vehicle (BEV and PHEV) sales was 15% of the overall automotive sales in China in 2021. [9] NEV adoption rapidly increased to a record 28% in March 2022, and according to BYD chairman Wang Chuanfu could reach 35% by end of 2022, exceeding the government goal of 20% by 2025. [10] The plug-in market in China was dominated by Chinese companies, with BYD Auto and SAIC Motor occupying the top two spots, and 5 out of the top 7 spots. [5]

It is difficult to estimate the comparative size of EV companies in China as foreign companies such as Tesla and VW have significant sales and manufacturing in China, while Chinese companies such as BYD have significant overseas sales. Some Chinese companies also have foreign-based subsidiaries such as Geely, which owns Polestar and Lynk & Co.

According to Bloomberg , there were 500 Chinese electric car manufacturers in China in 2019. After fierce competition, only 100 manufacturers remained by 2023. [11] According to Wired , as many as 300 manufacturers, both domestic and international, were offering electric vehicles in China in 2023. [12]

Foreign companies

Tesla opened its first "Gigafactory" outside the United States in Shanghai, China, in 2019. Giga Shanghai was the first automobile factory in China fully owned by a foreign company, and was built in less than 6 months, becoming Tesla's main export hub. [13] In November 2021, total production was 56,965 vehicles and capacity was estimated to be nearing 700,000 vehicles per year, becoming the largest of the Tesla factories. [14] There is an expansion planned to increase capacity to up to 1.1 million in 2022, and possibly 2 million in the future, becoming the company's largest plant by far. [15]

Volkswagen manufactures electric vehicles in China through joint ventures such as Volkswagen Anhui (formerly JAC-VW), SAIC-VW (Anting), FAW-VW (Foshan), producing vehicles based on the Volkswagen MEB platform. Capacity is expected to reach a total of 1 million by 2023, around 20% of Volkswagen's total automotive production in China. [16] [17]

Domestic companies

As of at least 2024, the Chinese EV industry is in a strong competitive position in the developing world market, including southeast Asia. [18] : 58–59  Many southeast Asian countries have made policy Changes in an effort to attract investment from Chinese automakers. [18] : 59 

BYD Auto

BYD Auto Co., Ltd. is the automotive subsidiary of the Chinese multinational BYD Co Ltd, [19] headquartered in Xi'an, Shaanxi Province. [20] It was founded in January 2003, following BYD Company's acquisition of Qinchuan Automobile Company in 2002. [21] The company produces cars, buses, trucks, electric bicycles, forklifts and rechargeable batteries. The current model range of automobiles includes electric vehicles, plug-in hybrid vehicles and petrol engine vehicles.

It is the fourth largest plug-in electric vehicle (BEV and PHEV) company and fourth largest BEV company in the world, with 9.1% and 7% global market share respectively in 2021. [22] The company is undertaking rapid expansion, with sales hitting over 100,000 per month in March 2022, and is expecting to sell between 1.5 million to 2 million plug-in EVs in 2022, around 3 to 4 times the volume in 2021, possibly overtaking current world leader Tesla. [23]

The company also has a battery division, which is the world's fourth largest producer of EV batteries with a market share of 14.4% as of January 2024.

SAIC Motor

SAIC Motor Corp., Ltd. (formerly Shanghai Automotive Industry Corporation) is a Chinese state-owned automobile manufacturer headquartered in Anting, Shanghai. Founded in 1955, [24] it is currently the largest of the "Big Four" state-owned car manufacturers of China, namely: SAIC Motor , FAW Group , Dongfeng Motor Corporation , and Changan Automobile , with car sales of 5.37 million, 3.50 million, 3.28 million and 2.30 million in 2021 respectively. [25]

The company produces and sells vehicles under its own branding, such as Maxus, MG, Roewe, Baojun (under SGMW), Wuling (under SGMW), Feifan, as well as under foreign-branded joint ventures such as SAIC-Volkswagen and SAIC-General Motors. In 2021, domestic-branded cars took 52% of sales. [26] [27] It also produces electric vehicles under some of the previously listed brandings, including dedicated EV brands such as Feifan.

It is currently a Fortune Global 100 company, ranked 60 on the list. Including SGMW, it is also the third largest plug-in electric vehicle (BEV and PHEV) company and second largest BEV company in the world, with 10.5% and 13% global market share respectively in 2021, selling under brand names such as Wuling, Baojun, Maxus, MG, Roewe and Feifan. [22]

Great Wall Motor

Great Wall Motor Co., Ltd. (GWM) [28] is a Chinese privately owned automobile manufacturer headquartered in Baoding, Hebei. Founded in 1984, it is currently the eighth largest automobile manufacturer in China, with 1.281 million sales in 2021.

The company produces and sells vehicles under its own branding, such as GWM, Haval, WEY, TANK, POER, ORA. It also produces electric vehicles under some of the previously listed brandings, including dedicated EV brands such as ORA.

Named after the Great Wall of China, the company is China's largest producer of sport-utility vehicles (SUVs) and pick-up trucks. [29] In 2021, it was the third largest Chinese plug-in electric vehicle manufacturer in the Chinese market, with 4% of market share, selling under brand names such as Ora and Haval. [5]

GAC Group

Guangzhou Automobile Group Corp., Ltd. (GAC Group) is a Chinese state-owned automobile manufacturer headquartered in Guangzhou, Guangdong. Founded in 1954, it is currently the fifth largest automobile manufacturer in China, with 2.144 million sales in 2021.

The company produces and sells vehicles under its own branding, such as Trumpchi, Aion, Hycan as well as under foreign-branded joint ventures such as GAC-Toyota, GAC-Honda, GAC-FCA (Jeep) and GAC-Mitsubishi. It also produces electric vehicles under some of the previously listed brandings, including dedicated EV brands such as Aion and Hycan.

In 2021, it was the fourth largest Chinese plug-in electric vehicle manufacturer in the Chinese market, with 4% of market share. [5] It sold over 20,000 units of EVs in March 2022. [5] [30]

Geely

Zhejiang Geely Holding Group Co., Ltd (ZGH), commonly known as Geely, is a Chinese multinational automotive company headquartered in Hangzhou, Zhejiang. The company is privately held by Chinese billionaire business magnate Li Shufu. It was established in 1986 and entered the automotive industry in 1997 with its Geely Auto subsidiary. [31] Geely Auto is currently the seventh largest automobile manufacturer in China, with 1.328 million sales in 2021.

The company produces and sells vehicles under its own branding, such as Geely Auto, Geometry, Maple, Zeekr, under foreign-located subsidiaries, such as Volvo Cars, Polestar, Lynk & Co, Proton, Lotus as well as commercial only vehicles under the London EV Company, Ouling Auto and Yuan Cheng Auto (Farizon Auto) brands. It also produces electric vehicles under some of the previously listed brandings, including dedicated EV brands such as Geometry, Maple, Zeekr and Polestar.

The group sold over 2.2 million cars in 2021. [32] The company sold over 17,926 plug-in electric vehicles in January 2022. [33]

Other companies

Chinese major EV venture brands sales
Year Nio Xpeng Neta Leapmotor Li Seres
201811,3484821,206---
201920,56516,60811,2121,0001,000-
202043,72827,04115,50910,26633,457-
202191,42998,15569,67443,12190,491-
2022122,486120,757152,073111,168133,24676,180
2023160,038141,601127,496144,155376,030106,703

Battery manufacturers

The battery industry is closely related to the EV industry as batteries constitute around 1/3 of the cost of EVs [6] and around 80% of lithium-ion batteries in the world are used in EVs. [7] It is estimated to be worth around $30 billion 2021 and expected to grow to around $127 billion by 2027, [34] with demand expected to reach 3000 Gwh by 2030. Globally, manufacturing capacity is expected to increase to more than 5,500 GWh by 2030, including 3,000 GWh of capacity announced by Chinese manufacturers to date. [7]

As of 2021, total demand of the market was 296.8 GWh, over double of the amount in 2020. [8] As of Q1 2021, LFP type battery market share reached 24.1%, [35] with Chinese manufacturers holding a near monopoly, [6] and is expected to rise further to surpass NCM type batteries in 2028. [7]

Domestic companies

CATL

Contemporary Amperex Technology Co, (CATL) is a Chinese battery manufacturer and technology company founded in 2011 that specializes in the manufacturing of lithium-ion batteries for electric vehicles and energy storage systems, as well as battery management systems (BMS). [36] With a market share of 32.6% in 2021, CATL is the biggest lithium-ion battery manufacturer for EVs in the world, producing 96.7 GWh of the global 296.8 GWh, up 167.5% year on year. [37] [38] The company has a manufacturing capacity target of >500 GWh by 2025 and >800 GWh by 2030. [39]

Other companies

Companies listed include all battery manufacturers, some of which may not be involved in EV battery manufacturing. [39]

  • BYD
    • 26.3 GWh (up 167.7%) and 8.8% share. Manufacturing capacity target of 670 Gwh by 2025 [40]
  • CALB
    • 7.9 GWh (up 130.5%) and 2.7% share. Manufacturing capacity target of 500 Gwh by 2025 and 1000 Gwh by 2030. [41]
  • Gotion
    • 6.4 GWh (up 161.3%) and 2.1% share. Manufacturing capacity target of 300 Gwh by 2025. Around 26% owned by Volkswagen. [42]
  • SVOLT
    • 3.1 GWh (up 430.8%) and 1.0% share. Manufacturing capacity target of 600 Gwh by 2025. Spun off from battery unit of Great Wall Motor. [43]
  • EVE Energy
    • Manufacturing capacity target of 200 Gwh by 2025.
  • Sunwoda
    • Manufacturing capacity target of >100 Gwh by 2025.
  • Farasis Energy
  • REPT
    • Manufacturing capacity target of 200 Gwh by 2025.

Battery companies by EV battery market share

RankCompanyMarket share % (2023) [45]
1 CATL 36.8
2 BYD Company 15.8
3 CALB 4.7
4Gotion2.4
5EVE Energy2.3
6Sunwoda1.5

Other developments

Energy storage

E-vehicles use only electric motors and gearboxes, and have few parts requiring maintenance. Compared to traditional vehicles and excluding the battery, they are cheaper and easier to build. [46] However, building battery with sufficient capacity and discharge-cycles is a challenge.

BYD Company is a Chinese company that builds rechargeable batteries using a new technology that, according to the company, makes them safer than other lithium-ion models. In 2005, it became the world's leading small battery company and is one of the world's largest manufacturers of rechargeable batteries. It is emerging as a leader in the technology sector.

Tianjin Lishen Battery Joint-Stock Co. Ltd. is another China based battery manufacturer. The company has a partnership with Coda Automotive, a California based company, to develop a Coda electric vehicle and ultimately, batteries for use in electricity generation. The focus of the latter will be to provide energy storage for wind and solar energy generation.

In 2017, the government battery subsidies fell by 30% and Chinese EV sales dropped. [47] [48]

Energy infrastructure

While the shape of this industry is still emerging, electricity generation and the infrastructure to deliver energy appear to be the areas with the highest potential and relevancy to manage future energy use. According to consulting group Oliver Wyman, "some utilities are already engaging a specific area of the value chain, setting priorities for near-term, medium-term, and long-term initiatives. They have begun to model different market and business impact scenarios, with the goal of identifying the biggest upsides and pitfalls." [49]

Utilities have begun to develop focused strategies in areas where they are well positioned to serve the electric-vehicle value chain. At the moment, a variety of business design ideas are competing to shape the new marketplace. China has invested a great deal into this fundamental component of the value chain, and some of the principal facilitators are as follows:

An electricity provider, year-end 2009, the Company finished approximately six billion kilowatt-hours of on-grid electricity, and had an attributable installed capacity of 1.5 million kilowatts, including 1.4 million kilowatts of thermal power and 100,000 kilowatts of hydropower.

The Company develops, manufactures and sells software and hardware products serving the power industry, and also provide system integration services. It also provides software and hardware services and system integration services for things such as power grid dispatching automation products, electricity market commercial operating systems, and electrical control automation products.

This company is primarily engaged in research, development, manufacture and distribution of automation, protection and controlling products for electric power systems. Specifically, it provides power grid and power generation equipment, transformers, electrical systems, power distribution network products, electrified railway products and direct current (DC) power distribution systems.

Encouraging policy

China has promoted the development of the electric vehicle (EV) industry through a series of encouraging policy measures to reduce petroleum fuel consumption and greenhouse gas emissions. Still, the market for electric cars is small. Against this backdrop, the Chinese government began phasing out EV subsidies in 2018 with the goal of eliminating them by 2022. In recent years, the Chinese government has introduced a series of incentive policy measures to promote the development of the electric vehicle industry, such as consumer subsidies, various tax exemptions, toll-free, charging infrastructure construction, research and development grants, etc. (R & D) electric vehicle manufacturers. [50] In February 2024, China approved a joint venture between subsidiaries of BMW and Mercedes-Benz. They would work on building a rapid charging network in the country. [51]

See also

Related Research Articles

<span class="mw-page-title-main">History of the electric vehicle</span>

Crude electric carriages were first invented in the late 1820s and 1830s. Practical, commercially available electric vehicles appeared during the 1890s. An electric vehicle held the vehicular land speed record until around 1900. In the early 20th century, the high cost, low top speed, and short-range of battery electric vehicles, compared to internal combustion engine vehicles, led to a worldwide decline in their use as private motor vehicles. Electric vehicles have continued to be used for loading and freight equipment and for public transport – especially rail vehicles.

BYD Auto Co., Ltd. is the main automotive subsidiary and brand of BYD Company, a publicly listed Chinese multinational manufacturing company. It manufactures passenger battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), collectively known as new energy vehicles (NEVs) in China. It also produces electric buses and trucks. The company sells its vehicles under the main BYD brand and high-end vehicles under its Denza, Yangwang and Fangchengbao brands.

<span class="mw-page-title-main">Plug-in hybrid</span> Hybrid vehicle whose battery may be externally charged

A plug-in hybrid electric vehicle (PHEV) or simply plug-in hybrid is a type of hybrid electric vehicle equipped with a rechargeable battery pack that can be directly replenished via a charging cable plugged into an external electric power source, in addition to charging internally by its on-board internal combustion engine-powered generator. While PHEVs are predominantly passenger cars, there are also plug-in hybrid variants of sports cars, commercial vehicles, vans, utility trucks, buses, trains, motorcycles, mopeds, military vehicles and boats.

<span class="mw-page-title-main">Automotive industry in China</span>

The automotive industry inmainland China has been the largest in the world measured by automobile unit production since 2008. As of 2024, mainland China is also the world's largest automobile market both in terms of sales and ownership.

Guangzhou Automobile Group Co., Ltd. is a Chinese state-owned automobile manufacturer headquartered in Guangzhou, Guangdong. Founded in 1954, it is currently the fifth largest automobile manufacturer in China, with 2.144 million sales in 2021.

<span class="mw-page-title-main">Electric vehicle battery</span> Battery used to power the electric motors of a battery electric vehicle or hybrid electric vehicle

An electric vehicle battery is a rechargeable battery used to power the electric motors of a battery electric vehicle (BEV) or hybrid electric vehicle (HEV).

<span class="mw-page-title-main">Electric car</span> Car propelled by an electric motor using energy stored in batteries

An electric car or electric vehicle (EV) is a passenger automobile that is propelled by an electric traction motor, using electrical energy as the primary source of propulsion. The term normally refers to a plug-in electric vehicle, typically a battery electric vehicle (BEV), which only uses energy stored in on-board battery packs, but broadly may also include plug-in hybrid electric vehicle (PHEV), range-extended electric vehicle (REEV) and fuel cell electric vehicle (FCEV), which can convert electric power from other fuels via a generator or a fuel cell.

<span class="mw-page-title-main">BYD Company</span> Chinese manufacturing company

BYD Company Limited or BYD is a publicly listed Chinese multinational manufacturing conglomerate headquartered in Shenzhen, Guangdong, China. It is a vertically integrated company with several major subsidiaries, including BYD Auto which produces automobiles, BYD Electronics which produces electronic parts and assembly, and FinDreams, a brand name of multiple companies that produces automotive components and electric vehicle batteries.

<span class="mw-page-title-main">Plug-in electric vehicle</span> Type of vehicle

A plug-in electric vehicle (PEV) is any road vehicle that can utilize an external source of electricity to store electrical energy within its onboard rechargeable battery packs, to power an electric motor and help propelling the wheels. PEV is a subset of electric vehicles, and includes all-electric/battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). Sales of the first series production plug-in electric vehicles began in December 2008 with the introduction of the plug-in hybrid BYD F3DM, and then with the all-electric Mitsubishi i-MiEV in July 2009, but global retail sales only gained traction after the introduction of the mass production all-electric Nissan Leaf and the plug-in hybrid Chevrolet Volt in December 2010.

<span class="mw-page-title-main">Electric car use by country</span>

Electric car use by country varies worldwide, as the adoption of plug-in electric vehicles is affected by consumer demand, market prices, availability of charging infrastructure, and government policies, such as purchase incentives and long term regulatory signals.

Shenzhen BYD New Energy Co., Ltd., trading as Denza, is an automobile manufacturing company headquartered in Shenzhen, China, specialising in luxury electric cars and a joint venture between BYD Auto Industry and the Mercedes-Benz Group. Founded in May 2010, in late 2014 the company introduced its first model, the Denza EV. The car was initially put on sale in selected Chinese cities only. In late 2021, Denza underwent a restructuring as Mercedes-Benz reduced its share to 10%, while BYD held the rest.

<span class="mw-page-title-main">Plug-in electric vehicles in China</span> Market overview

In China, the term new energy vehicle (NEV) is used to designate automobiles that are fully or predominantly powered by electric energy, which include plug-in electric vehicles — battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) — and fuel cell electric vehicles (FCEV). The Chinese Government began implementation of its NEV program in 2009 to foster the development and introduction of new energy vehicles, and electric car buyers are eligible for public subsidies.

<span class="mw-page-title-main">BYD Qin</span> Compact sedan

The BYD Qin is a series of compact and mid-size sedans produced by BYD Auto since 2012. The Qin started out as the plug-in hybrid version of the BYD Surui, and was introduced in the Chinese market in August 2012. Currently, the Qin is available as a plug-in hybrid (PHEV), battery electric vehicle (BEV), and previously an internal combustion engine (ICE) vehicle.

<span class="mw-page-title-main">Kandi Technologies</span> Chinese battery and electric vehicle manufacturer

Kandi Technologies Group, Inc. (康迪) is a Chinese battery and electric vehicle manufacturer. Kandi is listed on the NASDAQ stock exchange with ticker KNDI. It was founded in 2002 in Jinhua, Zhejiang by Hu Xiaoming.

<span class="mw-page-title-main">CATL</span> Chinese battery manufacturer

Contemporary Amperex Technology Co., Limited (CATL) is a Chinese battery manufacturer and technology company founded in 2011 that specializes in the manufacturing of lithium-ion batteries for electric vehicles and energy storage systems, as well as battery management systems (BMS). The company is the biggest EV battery manufacturer, with a global market share of around 37% in 2023. The company is headquartered in the city of Ningde in China's Fujian province.

Pakistan has a significant market for hybrid vehicles such as Honda's Vezel, Toyota's Prius, and Aqua. The Automotive Development Policy (2016–2021) and the launch of the China-Pakistan Economic Corridor (CPEC) encourage foreign investments for new automobile brands to enter the Pakistani market.

GAC Aion New Energy Automobile Co., Ltd., trading as GAC Aion is a Chinese electric vehicle manufacturer headquartered in Guangzhou, China. A subsidiary of GAC Group, it was established in 2017 as the GAC New Energy Automobile. Its current name was adopted in November 2020. It produces battery electric vehicles under the eponymous Aion brand and the Hyptec brand.

<span class="mw-page-title-main">Li Auto</span> Chinese car company

Li Auto Inc. is a Chinese electric vehicle manufacturer headquartered in Beijing, with manufacturing facilities in Changzhou. Founded by Li Xiang in 2015, the company mainly builds electric vehicles that use range extenders for a power supply. Li Auto has vehicle manufacturing, engineering, and design services located in Changzhou, Jiangsu with corporate headquarters and research and development located in Beijing.

<span class="mw-page-title-main">Zeekr</span> Chinese automobile brand

Zeekr Intelligent Technology Holding Limited, trading as Zeekr is a Chinese publicly listed automobile company and brand owned by Geely Automobile Holdings. Founded in 2021, it specializes in premium electric cars. Zeekr products are built on the EV-focused Sustainable Experience Architecture (SEA) platform.

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